"Cancer is primarily a disease of old age, with more than 60 per cent of all cases diagnosed in people aged over 65. If people live long enough then most will get cancer at some point," professor Peter Sasieni, the author of the paper, said.
One in three people were expected to be diagnosed with cancer during their lifetimes, according to the charity's previous study. For those born before the 1960s, the risk of developing cancer remains the same, according to the latest research.
The new results were derived from more accurate risk calculations, Cancer Research UK said.
Over four in 10 cancer cases in Britain can be prevented by positive lifestyle changes, like quitting smoking, drinking less alcohol and sticking to a healthy diet, according to the paper.
The survival rate of cancer patients in the country has doubled in the past 40 years, with about a half of those diagnosed with the disease surviving for more than 10 years, the analyses said.
In the beginning of January, Macmillan Cancer Support's director for policy and research in England also said that by 2020, one in two of people in Britain will receive a cancer diagnosis in their lifetime.
Cancer is a disease of the uncontrolled growth and spread of cells that can affect almost any part of the body. It is one of the leading causes of death in the world, with the number of patients expected to rise by about 70 percent over the next two decades, according to the World Health Organization.
World Cancer Day is observed every year on February 4 to raise public awareness of the disease.